We have reached an agreement on the house!

[abgal]

What is the name of your state?What is the name of your state?TX
Ok, we have finally come to an agreement on the house. He has agreed to owner finance it to me for 3 years. At that time if I do not qualify on my own to refinance the house then I have to sell it and at that time he will receive 1/2 of the equity. My question is, where can I get my hands on a format for a deed in this situation? (Any other helpful tips are appreciated!)

[LdiJ]

Originally Posted by abgal

What is the name of your state?What is the name of your state?TX
Ok, we have finally come to an agreement on the house. He has agreed to owner finance it to me for 3 years. At that time if I do not qualify on my own to refinance the house then I have to sell it and at that time he will receive 1/2 of the equity. My question is, where can I get my hands on a format for a deed in this situation? (Any other helpful tips are appreciated!)

What you want is a real estate contract....the same kind of contract that anyone would use when selling a home via owner financing. If you ask your question on the real estate board you would probably get better answers.

[nextwife]

Is there a mortgage on there now? Will you be paying him enough to pay OFF this mortgage? Because, if I were he, I would not be willing to actually DEED my interest until I was off the underlying mortgage. Does he perhaps want to do a land contract for his share? Or is he taking back a second mortgage for his share?

Whatever you do, be certain to review your current mortgage to be certain your actions will not trigger a "due on sale" condition on the mortgage.

[Kansas4me]

If you can finance it in your name at the end of three years does he get nothing?

If you can't and you sell it does he get 1/2 of the equity up to this point, or to the point of sale?